Millicom International Cellular has agreed to buy Entel Perú and Americatel Perú from Chile's Entel for US$1.714bn including lease liabilities, the companies said on 13 November 2026.
Why Millicom International Cellular S.A. (Tigo) is buying Entel Perú S.A. and Americatel Perú S.A.
Millicom said the deal expands its presence across Latin America, taking its footprint to 13 markets, and that year-end 2026 leverage, including the acquisition, should remain around 2.5 times. Entel said it would use much of the proceeds to strengthen its finances and focus on Chile.
Deal terms and financing
The price implies a multiple of about 5.0 times estimated 2026 EBITDA before synergies and integration costs. Millicom will pay 65% at closing, 10% after 12 months and 25% after 18 months, funding the purchase through local financing and cash reserves. Entel's board will propose an extraordinary dividend of CLP2,100 a share, conditional on the sale closing.
Regulatory approvals and timing
The sale requires approval at an Entel extraordinary shareholders' meeting called for 30 November. Closing is expected in early December 2026, subject to closing conditions.
Market context
Entel Perú has just over 10 million customers and accounts for about 36% of Entel group revenue; it has been Peru's second-largest operator by mobile service revenue since 2023. Millicom has expanded rapidly in the region, including in Chile with NJJ Holding and in Colombia.
